KUALA LUMPUR, Oct 20 — Two women are among five individuals arrested by the police in raids conducted in Perak last October 17 and 18 on suspicion of being involved in an investment syndicate.

The suspects, aged between 28 and 38, are on remand for three days to assist the investigation under Section 420 of the Penal Code for cheating.

Bukit Aman Commercial Crime Investigation Department director Datuk Seri Ramli Mohamed Yoosuf said the syndicate was believed to have started its operation in the middle of this year under the name of "AGNC Capital Services”.

He said various social media platforms were used to advertise the investment scheme which offered investments as low as RM100, with investors being promised lucrative profits within a short time.

"So far, four police reports have been lodged involving a total loss of RM78,900,” he said in a statement today.

He urged individuals who had fallen victims to the syndicate to lodge a police report.

Ramli said during the raids, the police also seized, among others, 17 mobile phones, a laptop, two sets of modems, eight notebooks and a set of bank statements believed to be used for investment fraud.

He advised the public to be vigilant and to check with the relevant authorities before participating in any investment scheme that promises lucrative profits. — Bernama